This guide covers companies with verified U.S. bankruptcy filings. Each profile names the chapter, filing date, and court where the record supports it. Case information was checked through October 20, 2026, and bankruptcy cases keep moving, so verify any entry before relying on it.
Key Takeaways
- Chapter 7 generally means liquidation; Chapter 11 generally aims at reorganization.
- A filing is a legal event, not proof a company has permanently closed.
- Employees, suppliers, lenders, and shareholders fare differently depending on the case.
- Verify the debtor's legal name, chapter, court, docket, and status before citing a record.
Understanding the Types of Business Bankruptcy
Chapter 7 vs. Chapter 11
In Chapter 7, a trustee gathers and sells the estate's assets and distributes proceeds under the Bankruptcy Code. A company generally ceases operating, and a non-individual debtor receives no Chapter 7 discharge.
Chapter 11 is built for reorganization. Management usually stays in control as debtor in possession while it proposes a plan. A Chapter 11 case can also end in a sale, dismissal, or conversion to Chapter 7.
| Factor | Chapter 7 | Chapter 11 |
|---|---|---|
| Goal | Liquidation | Reorganization or sale |
| Operations | Generally stop | Usually continue |
| Control | Trustee | Debtor in possession (typically) |
Subchapter V and Other Distress Events
Subchapter V is a streamlined Chapter 11 option for qualifying small businesses. The debt ceiling is $3,424,000 as of April 1, 2025. The temporary $7.5 million limit expired in 2024, and legislation to restore it (H.R. 7730) had not been enacted as of early 2025. Confirm current eligibility before relying on these figures.
Other terms are not interchangeable with a bankruptcy filing:
- Insolvency is a financial condition, not a court case.
- Receivership places a business or property under a court-appointed receiver and is not necessarily bankruptcy.
- Assignment for the benefit of creditors is a state-law process, not a Title 11 case.
- UK administration and Canadian CCAA proceedings are not U.S. Bankruptcy Code filings.
What to Look For in a Company Record
Capture the chapter, petition date, court, exact debtor entity, case status, and any later sale, plan, conversion, or dismissal.
Companies That Filed for Bankruptcy: Verified Examples
Each entry draws on court records, claims-agent case pages, SEC filings, or company announcements. Root causes are noted only when a source states them. These examples are included for research value, not as a ranking by size, severity, or likelihood of failure.
Retail and Consumer
- Old QVC Group, Inc. (formerly QVC Group, Inc.) and affiliates, including QVC, Inc.: Filed April 16, 2026, Chapter 11, S.D. Texas. Pursued a restructuring support agreement. Plan confirmed July 20 and effective August 6, 2026; the company emerged.
- Sleep Number Corporation and affiliates: Filed June 12, 2026, Chapter 11, S.D.N.Y. Ran a court-supervised sale process, with an amended asset-purchase agreement with Sleep Country Canada signed July 18. Closing is not established in the cited filing.
- West Marine, Inc. et al.: Chapter 11, D. Del., Case No. 26-10794 (KBO). A U.S. Trustee notice confirms the case. Petition date and outcome are not readily available from the cited notice, so check the docket.
- New Rite Aid, LLC and subsidiaries: Filed May 5, 2025, Chapter 11, D.N.J. Pursued section 363 sales of prescriptions, inventory, and other assets. Cases closed December 30, 2025, except two entities.
- F21 OpCo, LLC (Forever 21) and affiliates: Filed March 16, 2025, Chapter 11, D. Del. Plan effective June 30, 2025.
- JOANN Inc. et al.: Filed January 15, 2025, Chapter 11, D. Del. Said it sought to maximize business value. Plan confirmed July 10; a later closing order covered all cases except JOANN Inc.
Technology, Biotech, and Manufacturing
- iRobot Corporation and affiliates: Filed December 14, 2025, Chapter 11, D. Del. A prepackaged transaction with Picea reduced debt; Picea acquired 100% of equity and iRobot emerged January 23, 2026.
- 23andMe Holding Co. (later Chrome Holding Co.) and affiliates: Filed March 23, 2025, Chapter 11, E.D. Mo. Court-supervised asset sale; the TTAM/23andMe Research Institute transaction closed July 14, 2025.
- First Brands Group, LLC et al.: Filed September 28, 2025, Chapter 11, S.D. Texas. Said it sought to stabilize finances and pursue a value-maximizing transaction. Cases converted to Chapter 7 effective September 1, 2026.
- Northvolt AB and affiliates: Filed November 21, 2024, Chapter 11, S.D. Texas. Said the U.S. filing was to obtain financing, including $245 million in cash collateral and DIP financing. U.S. affiliate cases were dismissed April 1, 2025. Northvolt AB's Swedish bankruptcy (March 12, 2025) is a separate proceeding.
Healthcare, Energy, Restaurants, Transportation, and Finance
- Steward Health Care System LLC and 166 affiliates: Filed May 6, 2024, Chapter 11, S.D. Texas. Liquidation plan confirmed July 25, 2025.
- Enviva Inc. and subsidiaries: Filed March 12, 2024, Chapter 11, E.D. Va. Plan confirmed November 14, 2024.
- Red Lobster Management LLC and operating subsidiaries: Filed May 19, 2024, Chapter 11, M.D. Fla. Stated purpose: strengthen its financial position and maximize stakeholder value. Exit outcome is not readily available from the cited sources.
- Spirit Aviation Holdings, Inc. et al.: Filed August 29, 2025, Chapter 11, S.D.N.Y. A case summary confirms the filing; exit outcome is not readily available from the cited sources.
- FTX Trading Ltd. et al.: Filed November 11, 2022, Chapter 11, D. Del. Plan effective January 3, 2025. This was a court case involving a digital-asset exchange, not a bank receivership.
Why Companies File for Bankruptcy
Financial Triggers
Common financial triggers include:
- Liquidity shortages and heavy debt loads
- Missed payments and covenant pressure
- Falling revenue and rising costs
- Inability to refinance maturing debt
NBER research on highly leveraged transaction firms found high leverage was the primary distress factor in that sample. Those firms generally had positive operating income. The finding is sample-specific, not a universal ranking.
Operational and Market Pressure
Operating and market pressures also drive filings:
- Shifting consumer demand
- Supply-chain disruption
- Litigation and regulatory costs
- Technology change and labor constraints
Filing counts measure cases, not causes. Do not pin one cause on a company unless its petition, court documents, or a directly attributed statement says so.
Filing as a Strategic Tool
Chapter 11 gives companies breathing room and options:
- Court protection from collection while they negotiate
- Section 363 sales of assets outside the ordinary course (Rite Aid)
- Section 364 postpetition financing (Northvolt's DIP financing)
- Section 365 rejection or assumption of contracts
- Time to find a buyer or financing
Immediate Causes vs. Warning Signals
A petition states the immediate reason. Earlier warning signals often show up first:
- Layoffs and store closures
- Missed payments and distressed financing
- Leadership changes and auditor concerns
FRC Balance, LLC, a Scottsdale, Arizona health-focused restaurant chain, closed 12 restaurants before pursuing a court-supervised sale. It filed Chapter 11 on October 5, 2026, with $42.1 million of funded debt.
What Happens After a Company Files for Bankruptcy?
The Automatic Stay and Key Players
Filing generally stays collection and enforcement actions against the debtor and its property. Section 362(b) lists exceptions, and creditors can ask the court to lift the stay.
- Chapter 7 trustee: administers and liquidates the estate.
- Debtor in possession: in Chapter 11, management generally keeps running the business unless a trustee is appointed.
- U.S. Trustee (DOJ): oversees case administration and appoints statutory committees.
- Unsecured creditors' committee: represents unsecured creditors and may investigate the debtor.
Possible Paths
A Chapter 11 case can:
- Continue operating, often with DIP financing
- Sell assets through a section 363 process
- Reach a confirmed plan and emerge
- Convert to Chapter 7 (First Brands)
- Be dismissed (Northvolt's U.S. affiliates)
Who Gets Paid
In simplified terms, valid liens reach their collateral. Administrative and statutory priority claims rank ahead of general unsecured claims, and equity comes last.
Section 507(a)(4) gives priority to certain employee compensation earned within 180 days before filing, capped at $17,150 per person. The cap is not a promise of full payment, and no class is guaranteed a particular recovery.
Effects on Stakeholders
- Employees: face payroll and benefit uncertainty, layoffs, and closures. Bankruptcy does not excuse WARN Act notice; rely on official employer and court communications.
- Suppliers and lenders: may see contract changes, delayed payments, and claims procedures.
- Customers: often see continued operations, though credit and service terms can shift.
- Shareholders: carry the highest risk. SEC Investor.gov warns that public-company shares may be canceled or become worthless.
How to Research and Monitor Company Bankruptcy Filings
A Verification Workflow
- Search PACER or the PACER Case Locator for the federal docket. Fees are $0.10 per page, capped at $3 per document, with quarterly charges of $30 or less waived.
- Confirm the debtor's exact legal name, former names, and affiliates.
- Read the petition and docket.
- For SEC registrants, check EDGAR for Form 8-K Item 1.03, generally due within four business days.
- Review the claims agent's case page for notices and bar dates.
- Log later milestones: motions, plans, asset sales, emergence, dismissal, or conversion.
- Add a "last verified" date and source note to every company profile.
Reading the Record
Track these fields on every case:
- Petition date, court, chapter, and case number
- Judge, debtor entity, and affiliated debtors
- Claims bar date (the court-set deadline for proofs of claim)
- Plan status and final disposition
Common Errors
- Confusing a parent with a subsidiary. QVC filings distinguish Old QVC Group, Inc. from QVC, Inc.
- Missing a name change. 23andMe's caption later used Chrome Holding Co.
- Treating a rumor or missed payment as a filing.
- Mixing foreign proceedings with U.S. cases, as with Northvolt.
- Failing to update after emergence or dismissal.
Where BankruptcyData Fits
For professional work at volume, BankruptcyData offers a subscription platform with filing alerts, court and docket research, stakeholder and advisor data, case timelines, and historical outcomes. It also licenses datasets and API feeds and offers an MCP server for AI workflows.
It covers 600k+ records across 45+ years of U.S. bankruptcy activity. Its users include law firms, investors, lenders, advisers, data vendors, and researchers.
This list is not legal, investment, or credit advice.
Frequently Asked Questions
Will I lose my LLC if I file Chapter 7?
It depends on the LLC's structure, assets, any personal guarantees, applicable law, and the type of case. An entity case is distinct from an owner's personal filing. Consult a qualified bankruptcy attorney.
Can a company survive Chapter 7?
Rarely. Chapter 7 generally liquidates a business entity, and a non-individual debtor gets no discharge. A sole proprietor's situation differs because the business is not a separate legal person.
What happens to employees if a company goes bankrupt?
Operations may continue or layoffs may follow. Certain wages earned in the prior 180 days have priority up to $17,150 per person, and benefits may change. Follow official employer and court notices.
What is the difference between Chapter 7 and Chapter 11 for a company?
Chapter 7 liquidates assets through a trustee and operations generally end. Chapter 11 lets management usually keep running the business while it reorganizes or sells. Creditor recovery varies in both.
How can I find out whether a company filed for bankruptcy?
Search PACER, check SEC filings for registrants, and review claims-agent case pages and reputable reporting. Specialized databases help too. Always confirm the exact legal entity and current case status.
